Claiming Life Insurance Benefits

Life insurance is the ultimate safety net for your family. The first step that your personal representative (executor) should take is to file a claim for the benefits.

CHECK ALL POLICIES

With any luck, you’re already aware of the deceased’s life insurance policy and where it’s located. Ideally, it will be stored safely in a metal filing cabinet or fireproof lockbox.

And don’t forget to check for other policies. Travel accident insurance, if applicable, Social Security survivor benefits, or military benefits may be in place and available.

GET COPIES

You’ll need a certified copy of the person’s death certificate to file the insurance claim — and just about everything else you’ll need to do. Usually, there is a small fee for this. Also, request a claim form from the insurance agent or company and complete it.

CHOICES

There may be several options to receive benefits. Most likely, choices will include regular installments or a lump sum, which may be a good option if you need to pay immediate expenses. Generally, life insurance proceeds aren’t taxable.